The sale of the former Accion hotel in Yona owned by the Archdiocese of Agana has been canceled.
The District Court of Guam issued the cancellation of sale on Dec. 11 after the Archdiocese of Agana gave notice that the buyer, Georgia-based bSide Partners, was unwilling to close the purchase.
The Accion hotel property was sold to bSide Partners for $6.1 million last Aug. 9 after a “live” auction presided over by District Court Chief Judge Frances Tydingco-Gatewood.
Under the terms of the sale, bSide Partners would place a deposit of $100,000 of which $50,000 would be non-refundable after 60 days. Then, the $6.1 million would be paid to the Archdiocese and held in the account until further orders from the District Court.
In the escrow instructions attached to the notice, no reason was given as to why bSide Partners backed out of the sale.
Under the sale’s escrow under Security Title, all the deposits paid under the sale are non-refundable and now considered forfeited.
Bruce Anderson, counsel for the Archdiocese of Agana, also notified the court that the church has secured a new offer to purchase the Accion Hotel property.
However, no name of party or amount was specified in the new offer.
Anderson did say that the new offer will be placed before the court “upon shortened notice.”
According to PNC files, the Accion hotel property was originally listed for sale at $7.5 million and was on the market for over a year before there were any offers.
The initial offer on the table was from TF Investments which offered $5.35 million for the church property.
Despite TF Investment increasing its offer to $5.7 million during the live auction, that offer was beaten by bSide Partners, which bid $6.1 million.
Had the bSide sale pushed through, the proceeds would have constituted a sizable chunk of the settlements that were to go to the clergy sex abuse victims.